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Rabu, 27 Juli 2011

Bakrieland Dev (ELTY IJ), starts monetizing its giant landbank - CLSA

Dewi from research team wrote an update on Bakrieland (ELTY IJ). It seems like the worst is behind us. The company has deleveraged. The balance sheet is clean. ELTY sits on 12,000 ha of land and still trades at 20% discount to BV (64% discount to its NAV).

Monetizing assets will be the key to improve ROA and price performance. And the company is starting this process. Our note today highlight the launch of ELTY’s key 12,000 ha Jonggol project. Successful launching will be an important catalyst for ELTY.

ELTY’s “Sentul Nirwana Residence” project in Jonggol was just recently launched, selling at Rp2.5-6mn psm (we think price is high for property in the area, unheard of before). 50 of 400 houses have been sold.
1H11 results are also very strong with 1H11 revenue came at 62% of our FY11CL forecast. Maintain BUY for 36% upside to our Rp225 target price, now trading at 64% discount to NAV.

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